2016
Patrick Lee Downing of Mesquite, who allegedly sold working interests in an oil and gas joint venture, was indicted April 14 in Dallas County Criminal District Court on charges of securities fraud and theft.
Downing sold working interests in a project named the Stocker #1 Joint Venture to five investors in 2010 and 2011, according to the indictment. Downing allegedly failed to disclose that investor funds would not be used for the drilling, testing, and completion of an oil and gas well.
Downing also failed to disclose that in 2010 Strike Development LLC, the Ada, Okla.-based operator of the joint venture, informed the Oklahoma Corporation Commission that it would not be drilling in the state and requested a refund of the surety bond it had posted with the commission.